Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 1st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Meituan, Li Auto, TraHK HSI ETF.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 1st.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Meituan, Li Auto, TraHK HSI ETF.


HK Short Interest Weekly: Meituan, Li Auto, TraHK HSI ETF

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Fuyao Glass Industry Group / Event-Driven

<ul>
<li>AH premia up, erasing the previous week's gains for Hs. "Beautiful Skew" continues in negative overall performance. </li>
<li>Last week I said "This is the most significant 60-day AH pair average H outperformance in five years, maybe ever. Remarkable." This week it unwound some.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Monitor</a> are both there free for SK readers.</li>
</ul>


AH premia up, erasing the previous week's gains for Hs. "Beautiful Skew" continues in negative overall performance. 
Last week I said "This is the most significant 60-day AH pair average H outperformance in five years, maybe ever. Remarkable." This week it unwound some.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.


A/H Premium Tracker (To 1 Aug 2025):  HUGE SOUTHBOUND Buying Helps Beautiful Skew but Premia Up

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 1st.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi, Pop Mart Intl, BYD, Anta, ABC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 1st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi, Pop Mart Intl, BYD, Anta, ABC.


HK Connect Flows Weekly (Aug 1st): CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jul 11th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Henderson Land, Giant Biogene, Innovent Bio, Xpeng.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 11th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Henderson Land, Giant Biogene, Innovent Bio, Xpeng.


HK Short Interest Weekly: Henderson Land, Giant Biogene, Innovent Bio, Xpeng

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Consistent operating and financial performance over the past five years, supported by rising gold prices and disciplined cost control.</li>
<li>Recent H1 FY25 guidance signals over 50% profit growth, backed by expanding output, stable AISC, and targeted capex across key mines and refining assets.</li>
<li>Valuations remain undemanding at &lt;10× FY27E P/E despite high earnings sensitivity to gold prices and improving margins, indicating re-rating potential.</li>
</ul>


Consistent operating and financial performance over the past five years, supported by rising gold prices and disciplined cost control.
Recent H1 FY25 guidance signals over 50% profit growth, backed by expanding output, stable AISC, and targeted capex across key mines and refining assets.
Valuations remain undemanding at &lt;10× FY27E P/E despite high earnings sensitivity to gold prices and improving margins, indicating re-rating potential.


Zhongjin Gold (SHA: 600489): Stable Growth, Strong Upside Potential

China

Shandong Gold Mining Co., Ltd. mines, produces, and processes gold, silver, and sulphur.

Shandong Gold Mining Co., Ltd (600547 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Shandong Gold Mining Co., Ltd (600547 CH)

HK Short Interest Weekly: Meituan, Li Auto, TraHK HSI ETF

We analyzed the latest HK SFC report for aggregate short position as of Aug 1st and highlight short interest changes in Meituan, Li Auto, TraHK HSI...

Ke Yan, CFA, FRM

A/H Premium Tracker (To 1 Aug 2025): HUGE SOUTHBOUND Buying Helps Beautiful Skew but Premia Up

AH Premia rose on the week after the strongest 60-day average H outperformance seen in many years. SOUTHBOUND buying was huge, but H...

Travis Lundy

HK Connect Flows Weekly (Aug 1st): CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Henderson Land, Giant Biogene, Innovent Bio, Xpeng

We analyzed the latest HK SFC report for aggregate short position as of Jul 11th and highlight short interest changes in Henderson Land, Giant...

Ke Yan, CFA, FRM

Zhongjin Gold (SHA: 600489): Stable Growth, Strong Upside Potential

Stable financial performance driven by rising gold prices and cost control, with potential for over 50% profit growth and undemanding valuations...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Short Interest Weekly: Meituan, Li Auto, TraHK HSI ETF

We analyzed the latest HK SFC report for aggregate short position as of Aug 1st and highlight short interest changes in Meituan, Li Auto, TraHK HSI...

Ke Yan, CFA, FRM

A/H Premium Tracker (To 1 Aug 2025): HUGE SOUTHBOUND Buying Helps Beautiful Skew but Premia Up

AH Premia rose on the week after the strongest 60-day average H outperformance seen in many years. SOUTHBOUND buying was huge, but H...

Travis Lundy

HK Connect Flows Weekly (Aug 1st): CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Henderson Land, Giant Biogene, Innovent Bio, Xpeng

We analyzed the latest HK SFC report for aggregate short position as of Jul 11th and highlight short interest changes in Henderson Land, Giant...

Ke Yan, CFA, FRM

Zhongjin Gold (SHA: 600489): Stable Growth, Strong Upside Potential

​Stable financial performance driven by rising gold prices and cost control, with potential for over 50% profit growth and undemanding valuations...

Rahul Jain

Stable financial performance driven by rising gold prices and cost control, with potential for over 50% profit growth and undemanding valuations...